Today, On 15th May, Dheeraj Wadhawan, a key figure in the DHFL scam, has been detained. The scam involves a massive fraud of over Rs 34,000 crore in banking transactions. Wadhawan’s detention marks a significant development in the ongoing investigation into financial irregularities. Authorities are intensifying efforts to bring those involved to justice.
New Delhi: Dheeraj Wadhawan, the former director of Dewan Housing Finance Limited (DHFL), remanded to judicial custody. He presented to a special court in Delhi on Tuesday following his arrest by the Central Bureau of Investigation (CBI). The arrest pertains to his alleged involvement in a Rs 34,000 crore bank fraud.
Authorities reported that Wadhawan detained in Mumbai on Monday evening and subsequently brought to court the next day. According to officials, the CBI previously indicted Wadhawan in 2022 related to this case. Additionally, he apprehended before in a separate corruption case involving Yes Bank, from which he was out on bail.
Special Judge A K Sarpal ordered that Dheeraj Wadhawan be held in judicial custody until May 30, when the hearing on the charge sheet scheduled. Wadhawan expected to appear via video conferencing on that date. The court rejected his request for interim bail based on medical reasons, although his plea for regular bail set for a hearing on May 18. Additionally, the court instructed the prison officials to place Wadhawan in an isolated cell and ensure that he has an attendant available around the clock.
The court issued a directive stating that until the next hearing, the accused should be taken to a nearby hospital twice a day for physiotherapy and have their cardiac condition checked three to four times a day. The accused should be provided with a wheelchair while in jail and, in case of an emergency, they should be admitted to either the jail hospital or DDU hospital.
The jail superintendent instructed to submit a report detailing how the necessary treatment will be provided to the accused in the future. The request for interim bail for a period of 12 weeks on medical grounds opposed by Special Public Prosecutor Anupam Sharma and Public Prosecutor Arvind Kumar.
The trial court also asked the accused’s counsel to provide information on whether the bail plea currently pending before the High Court or has been withdrawn. On May 11, the Delhi High Court issued a notice to the CBI regarding a bail plea from Wadhawan based on medical reasons.
The accused, Dheeraj Wadhawan, appealed to the High Court after the trial court denied him bail on medical grounds. Following his spinal surgery, he was receiving treatment at his home in Mumbai after being discharged from the hospital. Justice Jyoti Singh issued notice to the CBI and requested a response to the appeal. The hearing for this matter scheduled for May 17.
Advocate Anupam Sharma appeared on behalf of the CBI and accepted the notice. Senior advocate N Hariharan physically appeared in court, while senior advocate Amit Desai joined via video conference on behalf of the accused, Dheeraj Wadhawan. On May 10, the Special judge A K Sarpal of the Rouse Avenue Court dismissed Wadhawan’s bail application on the grounds of maintainability, stating the prematurity. The court also directed the CBI to arrest Wadhawan after May 11 and present him before the CBI court, as directed by the Supreme Court on January 24. The CBI Court at Rouse Avenue, while rejecting the bail application, informed Wadhawan that he is free to submit a fresh bail application after his arrest and subsequent custody in the court. At that time, his request for interim bail on medical grounds or regular bail will be considered.
The trial court emphasized that, at this stage, it is necessary to comply with the Supreme Court‘s order of January 24, 2024, which requires the accused to be physically taken into custody. Previously, the Bombay High Court granted Wadhawan protection until May 11 based on medical grounds. The FIR in this case was lodged following a complaint filed by Union Bank of India.
According to a statement from the Enforcement Directorate (ED), the investigation into the Wadhawans involves accusations of defrauding a consortium of 17 banks out of Rs 34,615 crore, linked to a money laundering case originating from a CBI FIR. Kapil Wadhawan and Dheeraj Wadhawan, both serving as directors of DHFL, along with other accused, allegedly orchestrated a scheme to deceive the consortium, led by Union Bank of India.
They reportedly conspired to convince these banks to approve substantial loans totalling Rs 42,871.42 crore. The agency further reported that a considerable amount of these funds diverted and misused through the manipulation of DHFL’s financial records and the deliberate failure to repay the debts, resulting in a financial loss of Rs 34,615 crore to the affected banks.